Co-op (Cooperative)
Real estate · Reinvent NY glossary
A co-op is a form of property ownership unique to and common in New York City, where approximately 75% of residential units are co-ops. Instead of owning your apartment, you buy shares in a corporation that owns the entire building, and receive a proprietary lease for your unit. Co-op boards have significant power — they can reject buyers for any reason (except protected classes). Most co-ops require 50-100% of the purchase price in liquid assets, limit subletting, and impose strict financial requirements. Co-op prices are typically 20-30% lower than comparable condos.
Related Terms
Related Articles
- →70 Vestry: Robert A.M. Stern's Tribeca Waterfront Condo
70 Vestry, 70 Vestry Street in Tribeca: Robert A.M. Stern's 14-storey limestone condominium facing Hudson River Park, and what buying there involves.
- →760 Madison Avenue: The Giorgio Armani Residences
760 Madison Avenue, The Giorgio Armani Residences: ten condominiums above the Armani flagship at East 65th Street, and what buying one from abroad involves.
- →200 East 83rd Street: Robert A.M. Stern on Third Avenue
200 East 83rd Street, at Third Avenue on the Upper East Side: a 35-storey Robert A.M. Stern condominium of 86 residences, and what overseas buyers should check.
- →520 Fifth Avenue: Midtown's 1,002-Foot Condominium Tower
520 Fifth Avenue, at Fifth Avenue and West 43rd Street: Rabina's KPF-designed tower with 100 condominiums above offices and a club, and how buying there works.
Keep reading
Looking at a specific building or budget?
Talk to us about it